OPEC+ Oil Production Still Below Target Quota

OPEC+ countries continued to produce oil below their target quota in July, according to the International Energy Agency (IEA). The OPEC+ nations with voluntary restrictions increased oil production by 1.52 million barrels per day in July to 34.53 million barrels per day.

Despite this increase, OPEC+ countries still fell short of their combined quota by 6.02 million barrels per day. However, the total oil production in July was 0.45 million barrels per day above the target quota level.

The IEA reported that the 17 parties to the agreement (excluding Mexico, Iran, Libya, and Venezuela) increased oil production to 28.06 million barrels per day during this period.